Farmland Forecast

Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.

Crop Progress: Conditions Unchanged as Harvest Begins

Sep 04, 2012

Corn conditions remained stagnant this past week. Although farmers were hoping for rain during the summer months, now that harvest is upon us, rain will only act as a hurdle to getting into the fields and harvesting the crop.

As of September 2, 2012 USDA estimated corn conditions remained the same as last week with 22% of the crop in good or excellent condition, a 30% decline from last year at the same time. Harvest is underway and 10% of the entire U.S. corn crop has been harvested. 86% of the corn crop was dented and only 65% was dented at the same time last year. 41% of the corn crop was mature compared to the five year average of only 16%. Corn prices increased by 1.6% over the past week ending at $8.07 per bushel and year-over-year prices have increased by 8.2%.

Soybean conditions were at 37% in very poor or poor condition compared to 16% a year earlier. Soybeans in good or excellent condition were at 30%, a 26% decline from one year prior. 19% of soybeans have dropped leaves compared to the five year average of 9% at the same time last year. Soybean prices increased by 2.4% over the past week ending at $17.71 per bushel and year-over-year prices increased by 25.3%.

Almost all of the spring wheat has been harvested, 95%, as of September 2, 2012. Wheat prices ended the week at $8.66 per bushel, a 0.5% increase from last week. Year-over-year wheat prices have increased 20.9%.